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Results starting to turn for Paddy Power

Tue, 02nd Mar 2010 07:06

Irish bookmaker Paddy Power's results last year reflected how well the punters did with profits lower despite revenues rising slightly. The bookie says things are more even this year, despite the bad weather hitting the number of events.Profits in 2009 fell 18% to €67.2m including one-offs, despite gross win or income in 2009 rising by 4% to €295m. Earnings per share fell to €1.22 from €1.46. The amounts staked rose by 31% to €2.75bn, with the win percentage down from 11% to 8.5%.Paddy blamed the profits drop on increased concessionary activity and an exceptionally punter-friendly run of sporting results, particularly in comparison with 2008. This reduced the gross win percentage by a further 1.5% compared to 2008 and 0.9% below normal expectations, it said.Trading in the year to date has been satisfactory, it added. Adverse weather in January led to racing cancellations and impacted turnover but this was offset by favourable sports results. The board remains confident of the group's prospects and has upped the dividend for the year by 8% 58.4c.

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London midday: Shares lose early gains as downbeat manufacturing data weighs

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Bookmaker Paddy Power gets new boss

Irish bookmaker Paddy Power has a new chief executive after former boss Patrick Kennedy stepped down. Paddy Power said Andy McCue, formerly managing director of the group's retail UK & Ireland business, had taken up the role on Friday. Kennedy announced his intention to step down as chief executive

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PRESS: UK Bookmakers To Create Gambling Watchdog - FT

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DIRECTOR DEALINGS: Paddy Power Incoming Chief Executive Gets Shares

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UK MORNING BRIEFING:

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Paddy Power Appoints McCue As Chief Executive Designate

28 Aug 2014 12:07

Paddy Power sympathises with John Cleese as profits fall 20%

Irish bookmaker Paddy Power said it intended to restart its buyback programme as it reported a 20% fall on pre-tax profit for first half of the year. The company's pre-tax profit fell to €61.6m (£49.02m) due to a run of unfavourable sports results as the "public had a field day". In January and M

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